IPL New Teams Controversy: CVC Capital in trouble over betting links?

IPL New Teams Controversy – CVC Ventures Deal in Trouble? The outsiders are hardly accepted in the India cricket fraternity & the BCCI circles. It seems Ahmedabad franchise owners CVC Capital Ventures are also feeling the heat on same account. Despite winning the new IPL team bid fairly and squarely, reports are doing the rounds that CVC Capital may lose Ahmedabad franchise for alleged betting investments.

Leading publication Outlook has reported that CVC ventures can lose IPL franchise of Ahmedabad, reason its links with betting companies. The reports says company has huge investments in some of the leading betting companies. The report further quoting sources has claimed that ‘BCCI’s attention has been drawn to CVC Capital’s business activities and it was strange that these were not noticed during the long “verification stage” before the financials were opened on Monday evening’

The reports says Adani Group is now weighing its options & can raise formal complaint against the new owners.

IPL New Teams Controversy: Report claim CVC Capital may lose Ahmedabad franchise for alleged betting links, BCCI clarifies ’no complaint received’

InsideSport reached out to BCCI treasurer Arun Dhumal who was part of the team that has overseen the bid process. Dhumal clarified no formal complaint has been received in this regard.

“CVC Capitals won the bid because of their bid amount. There are a lot of things still to be worked on. Their stakes or interests in other activities have nothing to do with IPL Bidding. If there is any complaint we will address that in due course of time. For now, there is nothing to add to the statements we released on Monday”.

Betting is a very sensitive matter in India as both Gambling and Betting are banned according to Indian laws. Moreover the IPL is already tainted due to the 2013 betting and match-fixing scandal. Chennai Super Kings and Rajasthan Royals were banned for two season after some of their top officials were charged by the Supreme Court for corruption.

Links with betting companies has already spelt few troubles for CVC Ventures globally. Interestingly, top La Liga teams like Real Madrid, Barcelona, Atletico Madrid had objected to (and eventually managed to reverse) the decision of CVC Capital buying out a 10% stake in the league after it came to light that they had negotiated terms that contravened Spanish laws and La Liga’s protection of its clubs.

IPL 2022 New Teams: BCCI richer by ₹12,715 Crore, Lucknow franchise sold for ₹7090 Cr, Ahmedabad bought for ₹5625 Cr

IPL New Teams Controversy: It is worth noting that on Monday the RPSG Group was awarded Lucknow as their home base with a winning bid of ₹7,090 crore while CVC Capitals as winner for Ahmedabad with a bid of ₹5625 crore.

The new franchises is scheduled to participate in IPL from 2022 season onwards after the bidders complete the post-bid formalities as specified in the ITT document. The IPL 2022 season will comprise ten teams and will have 74 matches, wherein each team will play 7 home and 7 away matches.

“The BCCI is happy to welcome two new teams from the next season of the Indian Premier League. I would like to congratulate RPSG Ventures Ltd. & Irelia Company Pte Ltd for being the successful bidders. The IPL will now go to two new cities in India viz in Lucknow and Ahmedabad. It is heartening to see the inclusion of two new teams at such a high valuation, and it reiterates the cricketing and financial strength of our cricket ecosystem,” BCCI President Sourav Ganguly said.

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